What: Mukesh Ambani's new Mumbai mall, Jio World Plaza, is attracting luxury brands such as Gucci, Cartier, and Louis Vuitton, who have signed leases to open stores there.

Why it is important: The signing of leases by luxury brands in Mukesh Ambani's new Mumbai mall highlights the growing importance of the Indian market and its potential for luxury retail growth.

The mall is expected to open this year, and Reliance Industries, Ambani's company, will share monthly net revenue with the tenants. The desire for quality retail spaces has driven luxury brands to establish a presence in the mall, as they previously had to open their first outlets in luxury hotels. Now, they seek to have a meaningful presence in India where the market is growing. Rental agreements include clauses to maintain the luxury appeal of the mall. With India having over 800,000 millionaires and the economy projected to strengthen, leading to a rise in millionaires, the luxury spending market in India is expected to expand by nearly 12% annually according to Euromonitor.

LVMH, Gucci to expand in India with new outlets in Reliance’s luxury mall